Stocks rise as company wins

Josh Silverman, Etsy CEO

Adam Jeffrey | CNBC

etsy shares jumped more than 8% in after-hours trading on Wednesday after the company profit for the second quarter hit the top and bottom lines.

Here’s how the company did it:

  • Earnings per share: $0.51 vs. Refinitiv estimates $0.31.
  • Income: $585 million vs Refinitiv estimates $556 million

Despite challenging macro conditions, Etsy’s second-quarter revenue grew by more than 10%. Etsy CFO Rachel Glaser attributed the rise to increased transaction fees on the Etsy marketplace, the addition of Depop and Elo7 to House of Brands’ portfolio, and the strength of its Etsy Ads product.

The Etsy marketplace also added about 6 million new shoppers, which the company says is still a significant increase from pre-pandemic levels.

“Our second-quarter results further demonstrate that Etsy has retained the majority of its profits from the pandemic and that we can deliver strong results while investing in key initiatives,” Etsy CEO Josh Silverman said in a press release.